We all know COVID-19 has been battering businesses since the outbreak began but we are now seeing the devastating decline of bigger companies. It was only a matter of time until larger companies starting feeling the sting of a global economic crash and unfortunately the reaper is knocking on the door of the largest mall in America.
Malls are cultural
Malls are a staple of the suburban lifestyle. It’s where teens who can’t drink go on dates after school, it’s where the elderly casually stroll when waiting for their prescriptions to be filled, it’s where little kids with squeaky shoes stomp around with their parents and stroller in tow.
Malls are a rather significant part of cities that have them. They provide jobs, access to goods, a place to meet. Without these malls, where will people now gather?
Bloomberg reports the Mall of America has missed its last two monthly payments on its $1.4 billion commercial mortgage-backed security. Something tells me their projected opening for July 1st won’t be coming true.
Even before the outbreak starts killing off businesses, malls were in rough shape. Online shopping has taken out malls at the knees offering more convenience and more selection than any mall can, even the largest one.
Bad news for Edmonton
This news will also hit home for Edmonton and the West Edmonton Mall, which is also owned by the same company. Edmonton locals will surely be reacting to the potential loss of such a well known cultural icon. As the largest of its kind in Canada, the closure of the West Edmonton Mall will be a sad thing to see happen.
If both of the largest malls on the continent go under, thousands of people will be affected. With news like this it seems we are headed directly for the dystopia we’ve seen portrayed in movies where people are living in vacant, overgrown malls. All we need now is the zombies.